Once termed The Sleeping Dragon, China has awoken from a sweet slumber of the depreciated Yuan to find a world in financial despair. The giant unfurls his wings, full of factories ready to manufacture the world’s good for a dime a dozen, and flexes his massive military muscles off the coast of Somalia while the world looks on.
Though still labeled a third world country, China’s major cities, Beijing, Shanghai, Guangzhou, Hong Kong and others, have surpassed the US in their creative architecture, enticing jobs, and innovative apartments. Indeed, the cities in China offer amazing nightlife, unique culture, a plethora of drinking and dining extravaganzas and career opportunities. So, what does it cost to partake in this giant’s emergence?
The cost of living in China has, in recent months, declined somewhat thanks to the burst of the housing bubble. Naturally, as with US and UK housing, this leaves thousands of people holding property that has declined in value, but for which they continue to owe an inordinate amount of cash.
For renters, this is a prime opportunity, and many an expat have renegotiated their rental agreements in the past few months. Meanwhile, after the Chinese New Year’s holiday, many Chinese did not return to the urban centers, instead preferring to wait out the financial crisis in their home provinces, which leaves apartments across the city empty, and landlords, nervous and ready to make deals.
The cost of living in China, compared to the US, Australia and Western Europe, is dramatically lower. A classy two bedroom, one bath, bachelor pad with wooden floors and marble counters in the kitchen will run around 4,500RMB ($658 U.S.).
Utility costs are shockingly low, thanks to the government’s continued subsidy of all essentials like water, electricity, and gas. In the aforementioned apartment, one could expect to pay an additional 300RMB ($43.87 U.S.) in utilities.
A weekly visit from the cleaning lady so you never have to learn how to run the washing machine or touch a sponge will run you about 12RMB an hour – or, less than $2USD. Thus, with the most recent of currency conversions, the total amount owed for rent and utilities in downtown Shanghai is approximately $700.00 U.S.
Beijing is slightly cheaper than Shanghai, and Guangzhou is slightly cheaper than Beijing. Hong Kong, on the other hand, is comparable to the U.S.
Should you choose to cook at home rather than dine out the cost of food in China is also very cheap. A bag of seven apples, for example, is about 8RMB, or $1USD. All essentials like fruit and vegetables are price controlled in China, and thus affordable to the mass public. Should you choose to dine at one of the Western or nicer Asian restaurants in any major city in China, you can expect to pay about $7-8USD per plate, with another $7-10USD for your beverage.
Drinking in China is not a cheap past time, but considering transportation, lodging, and home cooking supplies are cheap, one can afford to splurge on this recreational event.
While some international companies are pulling out of China in light of the global recession, there remains a steady stream of available positions on expat job sites in most major cities. From executive positions paying six figures, to English teaching, which will cover a more modest lifestyle, there are plenty of positions available.
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